If you're of the mindset that taxes should be raised on industry despite the fact that oil prices are low right now, here's what a group of UA students had to say in an op-ed in the Juneau Empire, dated 4-19-17: "In our mind, implementing punitive taxes on the industry that serves as the backbone of our state's economy is short-sighted and at odds with prudent longterm endeavors. We understand that state leaders are looking under every rock for more revenue, which is natural given the size and scope of the fiscal gap. What we fail to understand, or agree with, is implementing a policy that may generate some immediate cash, but will ultimately drain the state of revenue, jobs, and opportunity in the long run."

Alaskans should be aware that production has increased since SB21’s passage – and that the state is actually receiving more revenue in this low oil price environment than it would be if the bill hadn’t passed in 2013 and if voters had not upheld it on the 2014 ballot. If you’re tempted to jump on the raise-oil-taxes bandwagon, please stop and consider the above points.

If you’d like to testify on the Senate’s current version of HB111, the oil tax credit bill, please go to your local LIO http://akleg.gov/lios.phptomorrow at 9am or if you’re not within the vicinity of an LIO, call Sen. MacKinnon’s office 907-465-3777 to arrange an opportunity to testify through a toll-free number.

Highlights of the Senate’s current version of HB111 include the following points:
• Eliminates cash credits statewide starting in 2018
• Doesn’t raise taxes (including in the lower per barrel price ranges which the prior House version had targeted for higher taxes)
• Repeals the net operating loss as a cashable credit while retaining deductibility and encouraging oil production
http://www.akleg.gov/basis/Bill/Detail/30?Root=HB%20111